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March 10, 2021
Technical & Derivatives Report
Nifty
Bank Out
-
(
35866)
Once again, BankNifty started-off the session on a cheerful note
tad above 35700 and follow-up buying thereafter led index
surpassing the psychological mark of 36000. In the midst, we
witnessed sharp fall to wipe-off all the intraday gains but
fortunately index recovered in the final hour of trade to conclude
the session with the handsome gains of 1.67% to Monday’s close.
Heavy weight banking counters like HDFCBANK, KOTAKBANK and
ICICBANK were the major contributors. The Banking index
outperformed the benchmark index and managed to surpass
Monday’s high and has even concluded above it, this is certainly a
light of hopes for Bulls. Any follow-up buying above 36000 mark
in the coming sessions, shall bring the index towards 36400-
36500. As mentioned in our previous article, BankNifty has been
taking support near 200 SMA of hourly chart and considering same
the immediate support zone is now placed around 35300-35400
levels. For today’s session, we need to wait for follow-up activity
before initiating any directional trade..
Key Levels
Support 1 – 35400 Resistance 1 – 36400
Support 2 – 35300 Resistance 2 – 36500
Exhibit 1: Nifty Daily Chart
Sensex (51025) / Nifty (15098)
In similar lines to the previous session, our markets started on a
positive note around the 15050 mark. While the benchmark
remained in a range for the first few hours some profit booking was
seen in broader markets and it seemed that only banking space was
keeping markets up. Subsequently during the mid-session, we
witnessed a vertical fall to give up all the morning gains to test
around the previous session low. However, the banking space again
became the catalyst to push markets up and with the help of IT space
in the last hour the Nifty eventually ended with gains of around a
percent at the 15100 mark.
While the markets remain action-packed the key indices remains
trapped within a range (14900 – 15100) and yesterday exactly after
taking support on the lower range we witnessed a strong bounce
back in the penultimate hour to end near the higher range of
consolidation. The charioteer of yesterday’s up move was Banking
and IT space and it being the major constituents of the benchmark
it certainly bodes well for the bulls. However, in the last few sessions,
we have seen that there’s no place for complacency as whenever it
seemed trend has established market has reversed in the opposite
direction. The weekly expiry has preponed a bit due to
‘Mahashivratri’ holiday on Thursday. For the coming session, we will
closely watch the levels of 15150 15200 and any sustained trade
above it can trigger a fresh leg of upmove. However, a failure to do
the same can drag the Nifty back to the lower range of 14900 that
has acted as a support for the last two days and should be taken as
a sacrosanct point.
Exhibit 2: Nifty Bank Daily Chart
As mentioned above, the Nifty Bank and Nifty IT were the major
drivers of the market while the broader markets witnessed some
profit booking after its outperformance in the last few sessions. This
certainly indicates a churning between the sectors, hence one should
continue with the thematic approach but with a proper exit setup.
Key Levels
Support 1 – 15000 Resistance 1 – 15150
Support 2 – 14900 Resistance2 – 15200
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Technical & Derivatives Report
March 10, 2021
Nifty Vs OI
14000
14200
14400
14600
14800
15000
15200
15400
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2/18 2/22 2/24 2/26 3/2 3/4 3/8
(`000)
Openinterest Nifty
View
The Nifty opened on a positive note and witnessed
some volatility in the first half of the day.It gave up all
the opening gains during mid-session but recovered
sharply in the last hour of the trade to end the day
around 15100.
FIIs were net buyers in the cash segment to the tune
of Rs. 2802 crores. In Index Future segment, they
bought worth Rs. 1735 crores with decrease in open
interest indicating short covering in yesterday’s
upmove.
Post some volatility, the indices rallied in the later half
where we witnessed a short covering move in Nifty.
FII's bought equities in the cash segment while they
covered their shorts in the index futures. Their 'Long
Short Ratio' is now above 60 percent, In
options segment, call writers of 15000 strike ran to
cover their positions while 15000 put option witnessed
fresh writing indicating support for today's
weekly expiry day. The data indicates support around
15000 and resistance around 15200 followed by
15300
.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 8.82%
Bank Nifty futures open interest has increased by 3.75%
as market closed at 15098.40 levels.
The Nifty March future closed with a premium of 36.35
point against a premium of 12.80 point in last trading
session. The April series closed at a premium of 104.45
point.
The INDIA VIX decreased from 24.67 to 22.50.
At the same time, the PCR-OI of Nifty increased from 1.06
to 1.11.
Few of the liquid counters where we have seen high cost
of carry are BANKBARODA, LTI, COFORGE, WIPRO AND
ADANIENT.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
BPCL 49429800 86.49 445.90 -5.07
AUBANK 1132000 56.46 1232.50 -2.40
TRENT 525625 15.81 905.75 2.40
AMARAJABAT 3128000 13.75 887.60 -1.65
HAVELLS 4721000 13.19 1100.00 -1.36
GODREJPROP 2448550 13.02 1462.45 -0.66
COFORGE 339000 12.86 2582.75 1.00
MINDTREE 1399200 12.84 1796.25 2.76
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CUB 9405400 -12.49 171.75 -1.74
AARTIIND 353600 -10.25 1261.85 0.39
IRCTC 1828450 -8.68 2026.60 0.23
TORNTPOWER 2592000 -7.40 417.90 -0.27
PFIZER 26750 -6.14 4663.70 -0.13
RAMCOCEM 1530850 -5.90 1017.90 -0.01
ONGC 46646600 -5.68 116.75 -1.86
LT 13222700 -5.12 1508.30 -0.38
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.11 0.89
BANKNIFTY 0.86 0.88
RELIANCE 0.42 0.41
ICICIBANK 0.47 0.46
INFY 0.68 0.37
Historical Volatility
SCRIP HV
SBILIFE 42.77
NMDC 53.84
BPCL 52.22
TATASTEEL 54.01
HDFCBANK 39.38
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Technical & Derivatives Report
March 10, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
15098.40
FII Statistics for March 09, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6545.58
4810.28
1735.30
133416
14393.61
(8.04)
INDEX
OPTIONS
551308.86
547266.97
4041.89
995167
106636.26
10.80
STOCK
FUTURES
12165.57
13293.96
(1128.39) 1184597
103684.73
1.30
STOCK
OPTIONS
13215.98
13281.29
(65.31) 155122
13438.01
2.46
Total 583235.99
578652.50
4583.49
2468302
238152.61
4.41
Turnover on March 09, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 4,19,947 41763.31 1.14
Index Options
4,50,48,242
44,42,357.01 39.52
Stock Futures 7,00,540 64621.27 9.82
Stock Options
14,74,592
1,38,754.23 12.35
Total 4,76,43,321
46,87,495.82 37.55
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15100 302.80
53.80 46.20 15153.80
Sell 15200 249.00
Buy 15100 302.80
102.95 97.05 15202.95
Sell 15300 199.85
Buy 15200 249.00
49.15 50.85 15249.15
Sell 15300 199.85
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15100 273.55
39.95 60.05 15060.05
Sell 15000 233.60
Buy 15100 273.55
76.90 123.10 15023.10
Sell 14900 196.65
Buy 15000 233.60
36.95 63.05 14963.05
Sell 14900 196.65
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500
Call Put
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March 10, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
729
740
750
761
770
ASIANPAINT 2,373 2,398
2,421
2,446
2,469
AXISBANK
729
737
748
756
767
BAJAJ-AUTO 3,748 3,773
3,801
3,827
3,855
BAJFINANCE 5,288 5,352
5,398
5,462
5,508
BAJAJFINSV 9,723 9,846
9,983
10,106
10,243
BPCL
429
438
446
454
462
BHARTIARTL
505
513
523
531
540
BRITANNIA 3,346 3,386
3,438
3,478
3,530
CIPLA
777
787
802
812
827
COALINDIA
145
148
152
155
158
DIVISLAB 3,405 3,454
3,511
3,560
3,617
DRREDDY 4,358 4,403
4,462
4,507
4,565
EICHERMOT 2,549 2,571
2,595
2,616
2,640
GAIL
144
147
151
153
157
GRASIM 1,332 1,349
1,378
1,396
1,425
HCLTECH
939
956
966
984
994
HDFCBANK 1,528 1,545
1,555
1,573
1,583
HDFCLIFE
725
733
739
747
753
HDFC 2,487 2,532
2,558
2,603
2,630
HEROMOTOCO 3,378 3,414
3,452
3,487
3,525
HINDALCO
319
326
335
342
351
HINDUNILVR 2,146 2,172
2,189
2,215
2,231
ICICIBANK
606
615
622
632
638
IOC
97
99
101
103
105
INDUSINDBK
991
1,008
1,022
1,039
1,052
INFY 1,307 1,326
1,338
1,358
1,370
ITC
202
205
207
210
212
JSW STEEL
386
394
404
412
422
KOTAKBANK 1,889 1,934
1,963
2,007
2,036
LT 1,470 1,489
1,511
1,530
1,551
M&M
830
841
853
864
877
MARUTI 7,222 7,262
7,296
7,335
7,369
NESTLEIND 16,550
16,731
16,840
17,021
17,130
NTPC
105
107
110
112
114
ONGC
111
114
117
119
122
POWERGRID
208
212
217
221
226
RELIANCE 2,117 2,154
2,184
2,221
2,251
SBILIFE
920
946
965
990
1,009
SHREECEM 26,654
26,983
27,482
27,811
28,310
SBIN
376
382
388
394
401
SUNPHARMA
600
606
614
620
627
TCS 2,962 3,006
3,037
3,081
3,111
TATAMOTORS
299
307
318
326
336
TATASTEEL
671
689
720
738
769
TECHM
946
967
983
1,004
1,020
TITAN 1,426 1,442
1,460
1,476
1,494
ULTRACEMCO 6,563 6,630
6,727
6,794
6,891
UPL
598
612
625
638
651
WIPRO
405
412
417
425
430
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Technical & Derivatives Report
March 10, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives sameet.cha[email protected]roking.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]roking.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com